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-   -   Obama Obama budget caps individual retirement accounts at $3 million (http://www.chiefsplanet.com/BB/showthread.php?t=272044)

Taco John 04-12-2013 04:31 PM

Obama budget caps individual retirement accounts at $3 million
 
Obama seeks to cap retirement accounts so that no individual saves “more than is needed”

Obama’s budget plan, to be unveiled April 10, would prohibit taxpayers from accumulating more than $3 million in an individual retirement account. That proposal would generate $9 billion in revenue for the Treasury over the next decade, according to a White House statement released today.

“Under current rules, some wealthy individuals are able to accumulate many millions of dollars in these accounts, substantially more than is needed to fund reasonable levels of retirement saving,” the statement said.

http://www.businessweek.com/news/201...ney-sized-iras

Taco John 04-12-2013 04:32 PM

Personally, I want a helicopter hot tub as part of my retirement, and I think I'm going to need more than $3 million to get it built and keep it operating.

BucEyedPea 04-12-2013 04:35 PM

If the Republicans allow him to get away with more ways to collect revenue without spending cuts, then they are traitors.

KC Dan 04-12-2013 04:35 PM

Unbelievable overreach, screw him

LiveSteam 04-12-2013 04:38 PM

FORWARD
YA! MULE,YAAAAAAAA!

Loneiguana 04-12-2013 04:56 PM

First Lets look at whats effected. IRA and 401K

Second, Let's look at two facts:
401k has a $17,500 limit. IRA has a $5000 Limit.

Third, Let's do some math.

40 years of max donation, with constant 5% annual growth, would get you $2,717,994. NOTE: Inflation means the limits were much lower 40 years ago, so this number should be lower. However, assuming the limit changes roughly matched inflation, this result is similar to 8% annual growth if you assume 3% annual inflation, or 9% annual growth if you assume 4% annual inflation.

Fourth, answer this question:
How does an account that you can only contribute $5000 annually, get to $3 million?

Legally, I mean

/one answer is stocks

KC Dan 04-12-2013 04:59 PM

Quote:

Originally Posted by Loneiguana (Post 9581127)
First Lets look at whats effected. IRA and 401K

Second, Let's look at two facts:
401k has a $17,500 limit. IRA has a $5000 Limit.

Third, Let's do some math.

40 years of max donation, with constant 5% annual growth, would get you $2,717,994. NOTE: Inflation means the limits were much lower 40 years ago, so this number should be lower. However, assuming the limit changes roughly matched inflation, this result is similar to 8% annual growth if you assume 3% annual inflation, or 9% annual growth if you assume 4% annual inflation.

Fourth, answer this question:
How does an account that you can only contribute $5000 annually, get to $3 million?

Legally, I mean

/one answer is stocks

nice start but you are missing stuff that is perfectly legal. For example, at the age of 50, people can also add an additional $5,500 per year to 401K's and 5% annual growth average is pretty low as well. Doesn't take into account company matching funds either...Especially if you utilize well run funds. I have averaged 10.5% over the past 13 years. Bottom line is: who the ____ does the govenment (Obama) think they are to tell us how much is enough for our retirement?

BucEyedPea 04-12-2013 05:16 PM

Quote:

Originally Posted by KC Dan (Post 9581139)
Especially if you utilize well run funds. I have averaged 10.5% over the past 13 years. Bottom line is: who the ____ does the govenment (Obama) think they are to tell us how much is enough for our retirement?

That's what a commie fascist does to people. Obama's arrogance is astounding.

WhitiE 04-12-2013 05:40 PM

Fug it ima cash out my 401k

Iowanian 04-12-2013 05:43 PM

This puke is everything I feared he would be.

BlackHelicopters 04-12-2013 05:51 PM

Great idea. Keep it up, Barry.

loochy 04-12-2013 05:54 PM

now THIS one makes me really mad

like my face is getting hot right now

WTF IT'S MY GOD DAMN MONEY

KC Dan 04-12-2013 05:57 PM

Quote:

Originally Posted by loochy (Post 9581301)
now THIS one makes me really mad

like my face is getting hot right now

WTF IT'S MY GOD DAMN MONEY

And, right there is what he truly does not believe. It is NOT your money to him. It is everyone's.

RNR 04-12-2013 06:12 PM

Quote:

Originally Posted by KC Dan (Post 9581311)
And, right there is what he truly does not believe. It is NOT your money to him. It is everyone's.

He is a shit stain and so is everyone that still blindly follows him~

cosmo20002 04-12-2013 06:14 PM

Quote:

Originally Posted by KC Dan (Post 9581139)
nice start but you are missing stuff that is perfectly legal. For example, at the age of 50, people can also add an additional $5,500 per year to 401K's and 5% annual growth average is pretty low as well. Doesn't take into account company matching funds either...Especially if you utilize well run funds. I have averaged 10.5% over the past 13 years. Bottom line is: who the ____ does the govenment (Obama) think they are to tell us how much is enough for our retirement?

Why wouldn't you be able to save as much as you want?

Brock 04-12-2013 06:54 PM

This isn't right. However, I have to chuckle at the outrage from people who will never have 3 million dollars to begin with.

rockymtnchief 04-12-2013 07:03 PM

Quote:

Originally Posted by Brock (Post 9581560)
This isn't right. However, I have to chuckle at the outrage from people who will never have 3 million dollars to begin with.

I'll never have 3M, but I still think it's bullshit. Just more government being pushed on us by politicians who don't want you in their tax bracket or country club.

BigRedChief 04-12-2013 07:04 PM

Quote:

Originally Posted by KC Dan (Post 9581139)
Bottom line is: who the ____ does the govenment (Obama) think they are to tell us how much is enough for our retirement?

The government has the right to decide tax breaks or deferrments.

I'm sure you can save however much you want. But, the government will only allow you $3 million in tax deferred $ until you are ready to pull the money out.

Don't see the outrage here. A $3 million tax deferred nest egg is damn generous. I thought we were broke?

cosmo20002 04-12-2013 07:08 PM

Quote:

Originally Posted by rockymtnchief (Post 9581614)
I'll never have 3M, but I still think it's bullshit. Just more government being pushed on us by politicians who don't want you in their tax bracket or country club.

The 401K or IRA is "more govt" in intself.

mlyonsd 04-12-2013 07:48 PM

From the OP:

Quote:

The administration’s statement didn’t explain in detail how the proposal would work.
ROFL Seriously, this administration is nothing but a bunch of retards that make the Hoover administration look like a Mensa meeting.

DementedLogic 04-13-2013 12:01 AM

Quote:

Originally Posted by BigRedChief (Post 9581618)
The government has the right to decide tax breaks or deferrments.

I'm sure you can save however much you want. But, the government will only allow you $3 million in tax deferred $ until you are ready to pull the money out.

Don't see the outrage here. A $3 million tax deferred nest egg is damn generous. I thought we were broke?

Are you ****ing kidding me? Giving the government 1/3 of my earnings is pretty damn generous. The government doesn't own all of my income and generously allow me to keep some of it.

LiveSteam 04-13-2013 12:06 AM

Quote:

Originally Posted by DementedLogic (Post 9582458)
Are you ****ing kidding me? Giving the government 1/3 of my earnings is pretty damn generous. The government doesn't own all of my income and generously allow me to keep some of it.

Think again. We only have our selves to blame.

BigRedChief 04-13-2013 06:57 AM

Quote:

Originally Posted by DementedLogic (Post 9582458)
Are you ****ing kidding me? Giving the government 1/3 of my earnings is pretty damn generous. The government doesn't own all of my income and generously allow me to keep some of it.

Please show me the part in the proposal where the government says you can't save as much as you want for retirement?

stonedstooge 04-13-2013 06:59 AM

Quote:

Originally Posted by DementedLogic (Post 9582458)
Are you ****ing kidding me? Giving the government 1/3 of my earnings is pretty damn generous. The government doesn't own all of my income and generously allow me to keep some of it.

YOU DIDN'T BUILD THAT BITCH/O'Bama

LOCOChief 04-13-2013 07:41 AM

Quote:

Originally Posted by BigRedChief (Post 9582766)
Please show me the part in the proposal where the government says you can't save as much as you want for retirement?

wow just ****ing wow. I'll show you the part of the article that says how much is enough for an individuals retirement. This country is lost and way beyond repair.

Loneiguana 04-13-2013 07:56 AM

Current rules (http://www.irs.gov/Retirement-Plans/...ibution-Limits) are you can only invest 5k in an IRA per year before the money starts getting taxed. The amount goes up each year and yadda yadda yadda no one cares. There are a few ways to "hack" or "cheat" this, but you can do that research later.

This rule covers all IRA accounts, (http://cashmoneylife.com/how-many-re...-can-you-have/), as well as 401ks and basically any retirement account out there. You get your first 5.5k of your retirement investing tax-free, everything after that gets taxed. It's fine, it's GOOD, because honestly you shouldn't NEED that much incentive to plan for your retirement.

The proposal, if it follows these patterns, will say that once ALL your tax-free retirement investments hit 3 million, you have to start paying taxes on the rest. Your IRA can still be bigger, you can still invest more, you can have it in one fund or ten thousand, but once it hits 3 million that's where your "tax free whee!" ride ends.

About 0.03% of IRA accounts, and 0.0041% of 401(k) accounts, have balances exceeding $3 million

(http://money.cnn.com/2013/04/10/reti...ing/index.html)

Conservatives again are fighting a battle for the top one percent of the population on a topic that will never affect them.

rabblerouser 04-13-2013 08:01 AM

Quote:

Originally Posted by KC Dan (Post 9581139)
nice start but you are missing stuff that is perfectly legal. For example, at the age of 50, people can also add an additional $5,500 per year to 401K's and 5% annual growth average is pretty low as well. Doesn't take into account company matching funds either...Especially if you utilize well run funds. I have averaged 10.5% over the past 13 years. Bottom line is: who the ____ does the govenment (Obama) think they are to tell us how much is enough for our retirement?

:clap:

Exactly.

BucEyedPea 04-13-2013 08:09 AM

Quote:

Originally Posted by Brock (Post 9581560)
This isn't right. However, I have to chuckle at the outrage from people who will never have 3 million dollars to begin with.

Not if inflation keeps increasing. We're all gonna be millionaires.:D

BucEyedPea 04-13-2013 08:09 AM

Quote:

Originally Posted by BigRedChief (Post 9582766)
Please show me the part in the proposal where the government says you can't save as much as you want for retirement?

You don't understand incrementalism.

Comrade Crapski 04-13-2013 08:13 AM

Quote:

Originally Posted by BucEyedPea (Post 9582834)
Not if inflation keeps increasing. We're all gonna be millionaires.:D

We can wallpaper the house!

Otter 04-13-2013 08:51 AM

Quote:

Originally Posted by BigRedChief (Post 9581618)
The government has the right to decide tax breaks or deferrments.

I'm sure you can save however much you want. But, the government will only allow you $3 million in tax deferred $ until you are ready to pull the money out.

Don't see the outrage here. A $3 million tax deferred nest egg is damn generous. I thought we were broke?

http://t1.gstatic.com/images?q=tbn:A...YLI3bReJxJE7sV

Comrade Crapski 04-13-2013 09:22 AM

Confiscation.

Won't be long, now.

Ace Gunner 04-13-2013 09:39 AM

fascist slight of hand -- first establish the principle in benign manner, then give it teeth later.

FD 04-13-2013 10:16 AM

And another thing, keep the governments hands off my Medicare!

Loneiguana 04-13-2013 10:46 AM

Quote:

Originally Posted by FD (Post 9583105)
And another thing, keep the governments hands off my Medicare!

It's funnier in sign form:

http://soldiersystems.net/blog1/wp-c...y-medicare.jpg

BucEyedPea 04-13-2013 10:51 AM

Quote:

Originally Posted by FD (Post 9583105)
And another thing, keep the governments hands off my Medicare!

Especially, after they've paid into it for so many years. Talk about more theft!

BucEyedPea 04-13-2013 10:52 AM

Quote:

Originally Posted by Comrade Crapski (Post 9582848)
We can wallpaper the house!

ROFL

Rain Man 04-13-2013 11:02 AM

Aren't there limits on what you can defer anyway? Can you get more than $3 million deferred if you have average annual returns? It seems like this is a bigger issue for people who are really good at picking stocks.

BigRedChief 04-13-2013 11:55 PM

Quote:

Originally Posted by BucEyedPea (Post 9582838)
You don't understand incrementalism.

According to some posts on here, it means Obama is Hitler.:hmmm:


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